Seven Important Qualities For Young Entrepreneurs: Guest Contributor, Myles Cutler - FRY'D Brands
#TheGroundFloor is thrilled to welcome guest contributor, Myles Cutler, for this week’s edition.
Myles is the CEO of FRY’D Brands and a fellow Ohio University Bobcat. The day he turned 14, his dad, Charles, said to him, "happy birthday son, you start work next week." By the time he was 16, he was handling all financial analysis for a Dunkin' franchise of 12 locations. Growing up, Myles always had a huge passion for business and sports, so once he visited and heard about the sports management program at Ohio University he knew that he had to become a Bobcat. Myles is now 22 years old beginning his senior year at Ohio University while also working full-time as the CEO of his own quick service brand, FRY'D!
I am very excited to welcome Myles to #TheGroundFloor as he details important qualities for a young entrepreneur.
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Myles:
My relationship with Andrew Exler starts with the great Alpha Epsilon Pi (AEPi) fraternity at Ohio University. Although Andrew was already graduated, he always expressed a huge interest in contributing to the future success of the chapter. With Andrew being a former chapter advisor and me, at the time, stepping into the role of President of the AEPi chapter, Andrew is someone I look up to greatly. About a year after my time as President, I decided that I wanted to start my own business, FRY'D, at Ohio University. Once Andrew heard about this, he reached back out almost immediately with positive words of encouragement. I am extremely grateful and honored to that I have the opportunity to work alongside a mensch like Andrew.
There are certain qualities that any entrepreneur must possess. There are some, however, that are a bit different or perhaps even more critical, when you are a young entrepreneur. I created a quick service food concept, called FRY’D, and this past January, I opened my first location in Athens, Ohio, home of Ohio University. As a 22-year old college student, there are definitely challenges that I faced that entrepreneurs older than me would likely not have had to tackle. There are many things, however, that are really universal to all of us trying to build our own businesses and brands. Below are the qualities that I think are most important for young entrepreneurs, to enable them to deal with all the challenges we have to tackle in creating and growing our businesses.
7. Focus on your Role
I am still a student at Ohio University and as Andrew would be able to tell you, there is no shortage of a good time. With that said, I do always have to be mindful of my actions since they reflect on both me and the company I represent.
As an entrepreneur, you are the face of your company and everything you do personally is linked to your organization. That means it is crucial to understand that you represent an organization that is bigger than yourself. It doesn’t matter if “your friends are doing it.” The difference is knowing where to draw the line, especially if you have been drinking. Every time I “go out for a drink,” I must be mindful of my behavior and the amount that I consume. One slip-up and a negative video of the “FRY’D CEO” may end up viral on social media, to be seen all over the Ohio University campus. Something as simple as getting in an argument with someone can ruin your credibility. It does not mean “no fun allowed,” it means “act as though someone is always watching.”
6. Don’t Get Ahead of Yourself
We all want success, to get rich, and prove the doubters wrong. Entrepreneurs of every age often find themselves in a trap of expanding too quickly or losing track of what is important at the time and focusing solely on the big picture. We forget that it’s a “marathon, not a sprint” and that doing the right things over a long period of time will eventually lead to success.
For example, I create a new ice cream restaurant concept in the summer and have a great first quarter. Then I open two more locations in the second quarter. What happens when you hit the winter and you now realize you have a seasonal business? You start losing money, have all this debt racked up, and do not even have a consistent concept mastered. Obviously, this is a hypothetical situation, but if you’re not careful you may fall into this trap.
Instead, take your time and make sure you work out all the kinks and have a solid, proven concept before you start to scale. Worry less about expanding and more about refining. Constantly work at refining your concept and streamlining your operations. Once the concept is mastered and all the kinks have been worked-out (don’t be naive and think your business is perfect), then it’s time to boom.
5. Knowledge
When conceptualizing a business, particularly as a young entrepreneur, you will encounter many unexpected and new things. Many of these things you have no previous knowledge/experience with. For example, when working with my architect for the first time, I had no clue what I was talking about. That night I had to go home and become educated about a number of issues which arose in our conversation so I could properly provide my input. You are not expected to become a subject matter expert in architecture, but you must know enough to negotiate, hold your ground, and understand the requirements needed to open your business. Being better prepared will make you seem more credible, experienced, and knowledgeable.
You also need to be willing to admit to yourself that there are things you don’t know and that you need may need to seek guidance from a mentor or through further education. The younger you are, the more likely it is that your work, management, and leadership experience will be somewhat limited. Try and find mentors who possess the knowledge you may not with whom you can talk about issues you’re encountering and ideas you have on how to address problems and make improvements.
4. Embrace the Learning Curve
I want to be the best at what I do. I go about life with this chip on my shoulder, a confidence in myself. I have always prided myself on my business acumen. When I was in high school and even the beginning of college, I thought I was invincible and that I knew everything. Although I know a fair amount, there is so much that I still need to learn. You are going to make mistakes, and that is okay. We learn from our mistakes and those experiences make us stronger moving forward.
Always keep in mind that there are others who have already done what you are doing now. Relying on them for advice is crucial. I would recommend finding a mentor. My dad, Charles, is my biggest mentor, he has owned over 20 restaurants and having him one phone call away is a resource that I will never take for granted.
I have turned my confidence from a thought of invincibility into a deep passion for learning from those I work with. I now know I don’t know everything, I have made myself vulnerable, but have never lost sight of my goal. I understand that there is a learning curve, and nothing will stop me from becoming the best at what I do.
3. Transparency
Effective communication keeps the machine finely tuned. Communication is not just getting a message across, it is making sure that your staff, partners, and customers are being heard.
As the CEO, I have a duty to share crucial information with my staff and partners. Different colleagues and partners may be entitled to having different information shared with them. If you have a bad week at the stores, it is best to tell your partners and not hide it. The feedback you get from them may be the solution to your problem. Catching them “off-guard” will be a whole lot worse than working to solve problems at the time. You might have to make those awkward phone calls, but you must be prepared to “do what you have to do.”
Some people define transparency as honest communication. My definition of transparency is honest communication accompanied by action taken from active listening. Asking your customers for feedback, good or bad, is the bare minimum. Making the changes needed to fix concerns and continue improving upon what works key. The customer is always right, but it does not mean they understand your business better than you do. Some suggestions may not fit the concept or be something you should necessarily implement. But if you think EVERY customer suggestion won’t help, then you may have to be more willing to change. At the end of the day, you serve your customer not yourself. Listen to understand, do not listen to respond.
2. Confidence Without Arrogance
People will try to take advantage of you, so it is important to stand your ground as a young entrepreneur. People will test you, and the way you respond will dictate your relationship with that person for the rest of time. Respond with confidence, but never be arrogant. Nobody wants to do business with someone who talks down to them. Always be reasonable and willing to compromise, but make sure you are not being taken advantage of.
Confidence also plays a part in the way you carry yourself in the workplace. Be confident when talking with your customers. Having a high emotional quotient and combining that with confidence will help drive higher sales. Make sure you lead with confidence too, do not be afraid to take charge and command of your business. Again, do not be arrogant about it!
1. Passion
The number one quality every young entrepreneur must have is passion. If you do what you love, then you do not work a day in your life. Immerse yourself in your industry, continue learning, and building on your knowledge. Stay relevant and ahead of the curve. Be proud of what you do and how you do it. Have goals in mind continue striving for them.
I want to become the most knowledgeable person in the quick service restaurant industry. I want to learn from the best to be the best. I do not put in long hours of work and research because “it’s my job.” I do it because I love putting a smile on the customer’s face, being innovative, and making great food. There is no better skill than passion. It will rub off on your employees and the customer will feel it. People always talk about Spurs great Tim Duncan, saying he was always “the first in the gym and the last one to leave.” He did it because he loves the game, not because he had to. If you find yourself losing that passion, then you may be in the wrong business.
- Myles
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Thank you, Myles, for being a guest contributor for #TheGroundFloor!
I am always looking to welcoming guest contributors to #TheGroundFloor! If you are interested in writing or have a specific topic you’d like discussed, please contact me!
- Andrew
